An investor buys two European put options with strike prices of $55 and $65 at $3 and $8 respectively. He sells two European puts at a strike price of $60 for $5 each.

a) Plot this strategy on a graph.

b) For what price(s) does this strategy produce a net profit of zero at expiration?

c) Determine for which price ranges (S) of the underlying asset does the investor realize a net profit at expiration?